ExxonMobil to conclude another exploration well next month

Jul 31, 2026 News

(Kaieteur News) – ExxonMobil Guyana Limited (EMGL) is currently conducting exploration drilling operations at Rockhead-1 well, within the Stabroek Block of Guyana’s Exclusive Economic Zone (EEZ).

The oil giant has already unlocked 46 discoveries in the prolific basin with a number of exploration wells still being drilled.

According to a Notice published by the Maritime Administration Department (MARAD) in Kaieteur News on Wednesday, the exploration drilling activity at Rockhead-1 is expected to conclude on August 31, 2026.

ExxonMobil to conclude another exploration well next month

The MODU Stena Carron drillship is being used by ExxonMobil for the exploration activity.

Currently, the MODU Stena Carron is engaged in the drilling activity located approximately 115.2 nautical miles or 213.4 kilometers off the Coast of Guyana. It covers an area of 0.29 square nautical miles or one square kilometer.

This is the fourth exploration well the company has announced so far for the year.

Notably, Guyana will be required to foot the expense associated with the drilling activity, irrespective of if the operator finds oil.

Exploration drilling at Goby-1 by the energy giant was slated to be completed today, July 31, 2026 according to MARAD in a previous notice.

The company also previously announced its plan to hunt for more oil at the Barreleye-3 well site in Stabroek and the Goatfish-1 well site.

ExxonMobil first struck oil in commercial quanitities off the country’s coast in 2015. It has since announced a string of successful discoveries which have pushed the country’s estimated oil reserves to about 11.6B barrels.

Guyana has been paying Exxon millions of US-dollars to explore the basin for hydrocarbons, a cost which experts argue should not be borne by the state. In 2025 alone, the company’s financials show that Guyana was forced to pay $26.6B for exploration activities by the company.

Notably, oil-producing states around the world, including neighbouring Suriname have blocked oil companies from recovering costs spent to hunt for oil. Guyana on the other hand, not only allows Exxon to recover costs for wells successfully drilled, but even dry holes encountered in the process.

The sweetheart deal signed by ExxonMobil in 2016 allows the company to recover costs related to its exploration activities, even if those efforts do not produce oil.

This provision, along with several others, have been criticised by both local and international experts in the past, who are adamant that all companies take on financial risks as the cost of doing business where they operate.

While the company racks up billions in exploration expense, shortening profits that should flow into Guyana’s account, the country is kept in the dark regarding the oil giant’s annual hunt for oil.

The Stabroek oil deal requires the operator to not only submit its yearly exploration plans to the government of Guyana (GoG), but an annual budget to meet its work programme.

This information is concealed by the government while the nation’s oil revenue is shortened to meet this expenditure.

During its most recent engagement with the media on 9^th June, 2026, ExxonMobil was asked for an update on its exploration plans for the year but did not provide a comment. The company’s Vice President and Business Services Manager, John Colling explained to the media that he was only prepared to address the company’s 2025 financial performance.

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ExxonMobil, MODU Stena Carron drillship, oil drilling, oil exploration

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